2002 Comment Letters
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Date Mailed:
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October 21, 2002
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Topic:
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White Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System (PDF,190KB) |
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The Federal Reserve, the Office of the Comptroller of the Currency, and the Securities and Exchange
Commission published a draft white paper for comment titled "Sound Practices to Strengthen the Resilience of the U.S. Financial System".
The Federal Reserve Bank of Chicago supports the inter-agency's effort and chose to comment on the scope and application of the sound practices
discussed in the paper's guidelines. The events of September 11, 2001 and recent natural disasters have made clear the need to advance business continuity standards among key firms within the U.S. financial system.
The attached letter from Michael Moskow, President and Chief Executive Officer, incorporates research prepared by Thomas Anderson, Michael Carano, Adrian D'Silva, Richard Lamm, John McPartland, and Frederick Miller. |
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| Date Mailed: |
August 22, 2002
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| Brief Description: |
The Board requested comment on an amendment to Regulation A that would replace the existing adjustment and extended credit programs with new discount window
programs called primary credit and secondary credit, respectively.
In a letter written by President Moskow, the Chicago Federal Reserve Bank indicated its support for the adoption of such a lending facility. In addition, the Bank also recommended that the seasonal credit program be eliminated based on changes in the banking landscape, low participation in the program, and increased availability of alternative funding. Should the Board opt to continue the program,
the Chicago Fed indicated in its response that it will continue to support enthusiastically the program's ongoing operation and administration. President Moskow's letter was accompanied by a paper authored by Michelle Coussens, Jack Hervey, Jerome Julian, Catherine Lemieux, John Lindsey, James Marcin, Gerald Nick, and Sandy Vavra.
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